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Corruption in certain parts of Africa, Latin America and Asia makes it too difficult for a U.S. third-party logistics provider to do business, according to XPO Logistics CEO Brad Jacobs.
The TPP agreement, which includes the United States and 11 other countries in the Pacific Rim and the Americas, covers a range of industries and promises to reduce or eliminate tariffs and quotas on numerous products.
Chinese leader Xi Jinping, whose agenda in the U.S. includes commercial issues, Wednesday met with CEOs from Boeing, Apple and Cisco in Seattle on his way to visit President Obama in Washington, D.C. on Friday.
The Danish firm's acquisition of UTi is the latest in a string of international mergers in the 3PL industry this year.
The Israeli ocean carrier recently returned to the black, posting adjusted net profits of $23 million in the second quarter of 2015 compared with a net loss of $50 million the previous year.
With more tonnage to be delivered next year, London-based shipping consultant Drewry says "the overhang of excess capacity [in the ocean freight industry] will be even greater than that experienced in 2009."